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Topic: Best wallet for cold storage - page 2. (Read 3819 times)

legendary
Activity: 1806
Merit: 1164
July 23, 2015, 12:25:23 PM
#75
Hi,
I'm going to save some Bitcoins for the future. Which is the safest way to store them?
I was thinking about a wallet on a usb flash drive. Which wallet should I choose?

Thank you

For security you need cold storage for your private keys. This used to be a pain as only two wallets (Armory and Electrum) supported cold storage and two separate computers were needed.

With the introduction of bitcoin hardware wallets cold storage is much more convenient. For reviews of all the available and coming soon bitcoin hardware wallets see my article on a complete guide to bitcoin hardware wallets.
legendary
Activity: 1834
Merit: 1020
July 23, 2015, 12:17:38 PM
#74
I'm going to suggest armory, but please note that this recommendation is biased in terms of my own experience with it.  But honestly, I don't see much wrong with a safely-generated core wallet encrypted and backed up on a few USB sticks.  This is a reasonable option, especially if you aren't stashing a significant amount. I have little experience with hardware cold-storage options, so I'm uncomfortable recommending them.
legendary
Activity: 2450
Merit: 1002
July 23, 2015, 12:16:49 PM
#73
Why would you use some " wallet " ?   You only want to store a private key!!!

For cold storage, you don't need a "wallet", you need paper or a usb key or something like that.  

Perhaps the question should be what wallet do you use for importing a cold storage private key for signing transactions offline?  



  

The whole point is, what if you could have a hot wallet that has the security of a cold storage single priv key?
Thats what trezor offers =)
Trezor allows you to have as many unknown wallets as passwords you can remember in your head. Better yet, a single mnemonic seed backs up all of those wallets. That seed would be the trezor's "cold storage" =) ... But unlike traditional cold storage, that single seed restores all of ur keys in all the wallets u created w/ trezor. Additionally, because trezor's seed is based on a BIP, its restorable via any wallet that correctly supports that BIP(in the case you dont have another trezor).

what if you can replicate this with another computer separated from your network, thus in a isolated enviroment but still connected to the internet, where you only do transaction of bitcoin and nothing else, so no browsing no DLing anything no clicking random link ecc...?

i firmly believe that with the right tools you can have an hot wallet that is secure like a cold walelt


Because I posted in this thread I had better state my opinion for the record, so it doesn't look bad later. 

My opinion:  allowing any third party other than that of the highest personal trust to handle your coin is a bad idea.

That includes: trezor, core, microsoft, armory, etc. etc.  If you are talking cold storage, it shouldn't involve any of that crap.  It's a freaking number man!  Just keep it safe somewhere on your own.  Is that so hard? 

As to "hot" being " secure like cold" ..  uh, no.  Not that I don't recommend to hold funds in hot wallets, there is plenty of reason to do so, but do so knowing that there is an attack surface. 


While it may not seem like it, when you think about the practicality of it, it actually is very difficult. If you dont have over a $5000 safe say goodbye to it in any long term fire. You have to trust the software / machine its created on, not only that, but also when you redeem it.
I like the idea of a trezor because while its backed up on a sheet of paper, that piece of paper is backed up by the trezor. Since the piece of paper holds backups to all wallets included any generated by a password .. if the paper gets compromised ... noone would know the passwords behind which ur funds are hidden by. Restore just the seed only and you have a 0 balance wallet restored.
If I had tens of thousands of BTC, Id feel much safe w/ it on a trezor + backup seed on paper(all wallets hidden behind passwords) rather than a single piece of paper holding the fortune and also happens to be a single failure point.
The alternative to a single cold storage piece of paper would be BIP38(I think) encrypting it w/ a decent password and putting multiple copies of that paper everywhere for redundancy.
legendary
Activity: 3248
Merit: 1070
July 23, 2015, 12:09:08 PM
#72
Why would you use some " wallet " ?   You only want to store a private key!!!

For cold storage, you don't need a "wallet", you need paper or a usb key or something like that.  

Perhaps the question should be what wallet do you use for importing a cold storage private key for signing transactions offline?  



  

The whole point is, what if you could have a hot wallet that has the security of a cold storage single priv key?
Thats what trezor offers =)
Trezor allows you to have as many unknown wallets as passwords you can remember in your head. Better yet, a single mnemonic seed backs up all of those wallets. That seed would be the trezor's "cold storage" =) ... But unlike traditional cold storage, that single seed restores all of ur keys in all the wallets u created w/ trezor. Additionally, because trezor's seed is based on a BIP, its restorable via any wallet that correctly supports that BIP(in the case you dont have another trezor).

what if you can replicate this with another computer separated from your network, thus in a isolated enviroment but still connected to the internet, where you only do transaction of bitcoin and nothing else, so no browsing no DLing anything no clicking random link ecc...?

i firmly believe that with the right tools you can have an hot wallet that is secure like a cold walelt


Because I posted in this thread I had better state my opinion for the record, so it doesn't look bad later.  

My opinion:  allowing any third party other than that of the highest personal trust to handle your coin is a bad idea.

That includes: trezor, core, microsoft, armory, etc. etc.  If you are talking cold storage, it shouldn't involve any of that crap.  It's a freaking number man!  Just keep it safe somewhere on your own.  Is that so hard?  

As to "hot" being " secure like cold" ..  uh, no.  Not that I don't recommend to hold funds in hot wallets, there is plenty of reason to do so, but do so knowing that there is an attack surface.  


have you read what i've wrote after, how there can be an attack if you don't download anything and don't click anything on that machine? i'm not aware of any direct attack that work as a ddos or something that can steal your coins, without you allorw it...

also there is no way you can not allow a third party like you say to handle even for a small step your coins, because in the case of paper wallet you're doing so with the printer, which come probably from canon, epson or other known manufacturer

with usb is the same, they are made by someone else, unless you manage to make one your self, or do a whole pc yourself, i find this to be a stupid point, microsoft can't do anything on your windows machine, they can not control it, if that is your worry...
legendary
Activity: 1066
Merit: 1050
Khazad ai-menu!
July 23, 2015, 10:42:37 AM
#71
Why would you use some " wallet " ?   You only want to store a private key!!!

For cold storage, you don't need a "wallet", you need paper or a usb key or something like that.  

Perhaps the question should be what wallet do you use for importing a cold storage private key for signing transactions offline?  



  

The whole point is, what if you could have a hot wallet that has the security of a cold storage single priv key?
Thats what trezor offers =)
Trezor allows you to have as many unknown wallets as passwords you can remember in your head. Better yet, a single mnemonic seed backs up all of those wallets. That seed would be the trezor's "cold storage" =) ... But unlike traditional cold storage, that single seed restores all of ur keys in all the wallets u created w/ trezor. Additionally, because trezor's seed is based on a BIP, its restorable via any wallet that correctly supports that BIP(in the case you dont have another trezor).

what if you can replicate this with another computer separated from your network, thus in a isolated enviroment but still connected to the internet, where you only do transaction of bitcoin and nothing else, so no browsing no DLing anything no clicking random link ecc...?

i firmly believe that with the right tools you can have an hot wallet that is secure like a cold walelt


Because I posted in this thread I had better state my opinion for the record, so it doesn't look bad later. 

My opinion:  allowing any third party other than that of the highest personal trust to handle your coin is a bad idea.

That includes: trezor, core, microsoft, armory, etc. etc.  If you are talking cold storage, it shouldn't involve any of that crap.  It's a freaking number man!  Just keep it safe somewhere on your own.  Is that so hard? 

As to "hot" being " secure like cold" ..  uh, no.  Not that I don't recommend to hold funds in hot wallets, there is plenty of reason to do so, but do so knowing that there is an attack surface. 
hero member
Activity: 518
Merit: 500
July 23, 2015, 10:02:20 AM
#70
Bitcoin Core is for sure. But it's hard to sync with the network. (You should copy and paste the newer blocks to the offline computer with an external hdd or flash drive).


People are not that rich to buy another computer to have their coins "offline"... it's easier to buy TREZOR!
It's just for like 0.4 BTC and it can help you a lot, it is smaller and more safe than an offline pc.
legendary
Activity: 2310
Merit: 1422
July 23, 2015, 09:50:19 AM
#69
Bitcoin Core is for sure. But it's hard to sync with the network. (You should copy and paste the newer blocks to the offline computer with an external hdd or flash drive).
legendary
Activity: 2450
Merit: 1002
July 23, 2015, 09:36:51 AM
#68
Why would you use some " wallet " ?   You only want to store a private key!!!

For cold storage, you don't need a "wallet", you need paper or a usb key or something like that.  

Perhaps the question should be what wallet do you use for importing a cold storage private key for signing transactions offline?  



  

The whole point is, what if you could have a hot wallet that has the security of a cold storage single priv key?
Thats what trezor offers =)
Trezor allows you to have as many unknown wallets as passwords you can remember in your head. Better yet, a single mnemonic seed backs up all of those wallets. That seed would be the trezor's "cold storage" =) ... But unlike traditional cold storage, that single seed restores all of ur keys in all the wallets u created w/ trezor. Additionally, because trezor's seed is based on a BIP, its restorable via any wallet that correctly supports that BIP(in the case you dont have another trezor).

what if you can replicate this with another computer separated from your network, thus in a isolated enviroment but still connected to the internet, where you only do transaction of bitcoin and nothing else, so no browsing no DLing anything no clicking random link ecc...?

i firmly believe that with the right tools you can have an hot wallet that is secure like a cold walelt


You cant replicate the convenience of trezor ... what you mentioned, doesnt sound very convenient. Try that in a retail outfit in which u pay for something using BTC. Its impossible the way you mentioned.
Like I stated, trezor offers pretty much near the same security as a cold storage slip of paper ... with the convenience of a wallet on ur phone. I know, Ive used trezor w/ mycelium on my cell phone =)
newbie
Activity: 21
Merit: 0
July 23, 2015, 09:20:23 AM
#67
the bitcoin-core all the way
hero member
Activity: 490
Merit: 500
~ScapeGoat~
July 23, 2015, 09:19:17 AM
#66
I will suggest you to go for armory ,in Armory users are empowered with multiple encrypted Bitcoin wallets and permanent one-time ‘paper backups’.
Moreover the coins are in your hands always and users never have to trust the Armory team.

Link to Armory: https://bitcoinarmory.com/
hero member
Activity: 639
Merit: 500
July 23, 2015, 08:50:02 AM
#65
Best hardware wallet should be Trezor, you can find it here: https://www.bitcointrezor.com/
Paper wallets are not as safe as you think, just do a small research and you will know Smiley

How aren't they as safe as you think? They are as safe as it gets IMO. Paper will never deteriorate if you cover it with plastic, and even if the wallet is found a password still needed, so I dont see the problem.

Paper as a paper can be safe, but you have to trust the thing that generated you the paper wallet you have and if it wasn't compromised right after the generation was done.

So what about offline use of bitaddress.org?  That should be 'safe' considering that the code have been verified independently.

paper wallet remain unsafe if you use a printer that have a cache and can memorize data, why people can't simply use a usb and a wallet.dat inside it, it's much simple and has the same security, you only need to do it on a secure machine, you can do a secure erase ato resolve this problem
legendary
Activity: 896
Merit: 1001
July 23, 2015, 08:40:21 AM
#64
Best hardware wallet should be Trezor, you can find it here: https://www.bitcointrezor.com/
Paper wallets are not as safe as you think, just do a small research and you will know Smiley

How aren't they as safe as you think? They are as safe as it gets IMO. Paper will never deteriorate if you cover it with plastic, and even if the wallet is found a password still needed, so I dont see the problem.

Paper as a paper can be safe, but you have to trust the thing that generated you the paper wallet you have and if it wasn't compromised right after the generation was done.

So what about offline use of bitaddress.org?  That should be 'safe' considering that the code have been verified independently.
hero member
Activity: 798
Merit: 1000
Move On !!!!!!
July 23, 2015, 06:42:10 AM
#63
Best hardware wallet should be Trezor, you can find it here: https://www.bitcointrezor.com/
Paper wallets are not as safe as you think, just do a small research and you will know Smiley

How aren't they as safe as you think? They are as safe as it gets IMO. Paper will never deteriorate if you cover it with plastic, and even if the wallet is found a password still needed, so I dont see the problem.

Paper as a paper can be safe, but you have to trust the thing that generated you the paper wallet you have and if it wasn't compromised right after the generation was done.

Exactly, all the storage methods have a weak link so far. Trezor seems to me doesn't have one, or at least that I know. Of course you need to trust the developers but in my opinion, they have already proven themselves.
hero member
Activity: 518
Merit: 500
July 23, 2015, 06:33:35 AM
#62
Best hardware wallet should be Trezor, you can find it here: https://www.bitcointrezor.com/
Paper wallets are not as safe as you think, just do a small research and you will know Smiley

How aren't they as safe as you think? They are as safe as it gets IMO. Paper will never deteriorate if you cover it with plastic, and even if the wallet is found a password still needed, so I dont see the problem.

Paper as a paper can be safe, but you have to trust the thing that generated you the paper wallet you have and if it wasn't compromised right after the generation was done.
hero member
Activity: 770
Merit: 509
July 23, 2015, 05:58:15 AM
#61
Best hardware wallet should be Trezor, you can find it here: https://www.bitcointrezor.com/
Paper wallets are not as safe as you think, just do a small research and you will know Smiley

How aren't they as safe as you think? They are as safe as it gets IMO. Paper will never deteriorate if you cover it with plastic, and even if the wallet is found a password still needed, so I dont see the problem.
hero member
Activity: 518
Merit: 500
July 23, 2015, 05:44:52 AM
#60
Best hardware wallet should be Trezor, you can find it here: https://www.bitcointrezor.com/
Paper wallets are not as safe as you think, just do a small research and you will know Smiley
legendary
Activity: 1638
Merit: 1163
Where is my ring of blades...
July 23, 2015, 05:43:37 AM
#59
Hi,
I'm going to save some Bitcoins for the future. Which is the safest way to store them?
I was thinking about a wallet on a usb flash drive. Which wallet should I choose?

Thank you

I think the best wallet to use for cold storage is using a Paper wallet.
but if you don't have a printer like me you might encounter some problems .

I hear Electrum is nice and easy to use offline.
legendary
Activity: 3248
Merit: 1070
July 23, 2015, 05:32:47 AM
#58
Why would you use some " wallet " ?   You only want to store a private key!!!

For cold storage, you don't need a "wallet", you need paper or a usb key or something like that.  

Perhaps the question should be what wallet do you use for importing a cold storage private key for signing transactions offline?  



  

The whole point is, what if you could have a hot wallet that has the security of a cold storage single priv key?
Thats what trezor offers =)
Trezor allows you to have as many unknown wallets as passwords you can remember in your head. Better yet, a single mnemonic seed backs up all of those wallets. That seed would be the trezor's "cold storage" =) ... But unlike traditional cold storage, that single seed restores all of ur keys in all the wallets u created w/ trezor. Additionally, because trezor's seed is based on a BIP, its restorable via any wallet that correctly supports that BIP(in the case you dont have another trezor).

what if you can replicate this with another computer separated from your network, thus in a isolated enviroment but still connected to the internet, where you only do transaction of bitcoin and nothing else, so no browsing no DLing anything no clicking random link ecc...?

i firmly believe that with the right tools you can have an hot wallet that is secure like a cold walelt
sr. member
Activity: 322
Merit: 250
I ❤ www.LuckyB.it!
July 23, 2015, 02:58:40 AM
#57
to keep my bitcoin on the long term I created of paper wallet from an offline computer, and I put them in the bank, I feel comfortable whit this solution
newbie
Activity: 30
Merit: 0
July 22, 2015, 08:35:41 PM
#56
Take a strip of metal and carve your (unencrypted) private key into it and bury it somewhere.
You can also take a piece of polished granite to carve your private key, this way it will not be detectable by a metal detector.
Recommend using a non-ferromagnetic material with good corrosion resistance, like aluminum or high-quality stainless steel.  If you believe hand carving to be intimidating or too time consuming, you can buy a metal punch kit to make the impressions (with a hammer of sorts).

Once complete, add clear coat for some initial resistance to the elements. Real paranoia would be doing this with 2/3 key multisig in 3 different plots of land, or with backup copies, etc.
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